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5/17, 5:35 PM (Source: TeleTrader.com)
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UK cabinet agrees on 'backstop' customs solution

United Kingdom's ministers agreed on Tuesday on a so-called "backstop" solution to the Brexit issue of the border between Northern Ireland and the Republic of Ireland. The "backstop" proposal is supposed to be put in place if there is no other customs deal with the European Union by the time the UK exits it and entails the UK matching EU tariffs after 2020. However, BBC cited unnamed sources as saying the solution will not be necessary as the two sides will agree on a deal which will avoid a hard border with Ireland.

UK Prime Minister Theresa May (pictured) said in a press conference that she will have a "very useful meeting" today with the Irish Prime Minister Leo Varadkar on the border question. She added the UK will also discuss its "fallback option" for the issue with the EU "in due course." Varadkar stated earlier today that, if the "backstop" is not a part of the Brexit withdrawal bill, "then there will be no withdrawal agreement and no transition period."

Breaking the News / DJ